The UAE cabinet has approved the country’s general budget for five years from 2022- 2026, with total expenditures of Dhs290bn.
The cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and which convened at Expo 2020 Dubai, approved a budget of Dhs58.931bn for 2022.
The largest share of the 2022 budget was allocated to the development and social benefits sector at 41.2 per cent, out of which 16.3 per cent will be spent on education, 6 per cent on social development, 8.4 per cent on health, 8.2 per cent for pensions and 2.6 per cent for other services.
Around 3.8 per cent of the budget has been allocated to the infrastructure and financial resources sector.
The cabinet also approved the new government strategic approach that serves as a framework to lay the foundations of work for the next 50 years.
It also approved the appointment of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, chairman of General Budget Committee and Chairman of the Federal Tax Authority Board of Directors. Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs was appointed to the board.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
